If you could pick a superpower, what would it be? You may want to fly, have invisibility, or even laser-beam eyes, but there is one super power even better than that…
The power to see the future.
If you could predict the future, you could protect the people and things that are important to you. You could probably even put a few extra dollars in your pocket.
Builders risk insurance can do that for you: it protects the things that are important to you from disasters, and puts more money back into your business.
Ok, so construction insurance isn’t quite as exciting as superpowers, but here’s an example of how you can use it like a real hero:
Let’s say you are working on a remodel project, and you don’t have builders risk coverage. You feel confident that everything will go as smoothly on this project as it did on your last.
Unfortunately, this project is different than every other remodel you’ve completed in the past year. Because this time, on this remodel, a fire breaks out, quickly destroys your progress, as well as most of the materials and supplies you need to complete the job.
Fortunately, the homeowners and their belongings are safe and untouched.
Unfortunately, the cost of repairing the damage, replacing the materials, and completing the remodel is on you.
In order to complete the project, you have lost all of your profits, and have paid a considerable amount out of pocket. The entire remodel is a loss to your business.
Now imagine a different scenario…
And this time, you have covered your project with builders risk -- just in case.
And when the flames of the fire have been extinguished and the extent of the damage is known…
You pick up the phone.
You call your insurance broker and make a claim. Then you start repairing the damage, and replacing materials.
The homeowners are thrilled that you are able to recover so quickly from a terrifying incident. You put in some overtime, adjust the schedule, and even finish the job on time.
Don’t be the guy who can’t see the disaster coming.
Here’s what you need to know to come out on the right side of a worst-case situation:
Builders risk is also known as course of construction insurance. What this coverage does is protect you from the accidents and events that can destroy everything you have worked to build in your business.
- Burglary and theft.
- Extreme weather.
Projects can go up in flames, materials and supplies can be ruined by floods and rain, and earthquakes can shake the very foundation of your business. This happens every day on job sites all over the US.
The worst thing about these events?
You can never see them coming.
If you have course of construction insurance, you don’t need to know the exact date and time that one of these disasters will strike. Your project, and business, will be protected from the worst of worst-case scenarios.
A builders risk policy gives you the power to protect your project and profits. It protects you from the extreme weather, unfortunate accidents, and powerful acts of nature that you can never see coming.
Basically, it gives you superpowers.
Good job, hero.